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Trump vows to fight inflation and cut energy costs if reelected

By kevinhughes // 2024-08-19

Former President Donald Trump has promised to fight inflation and substantially decrease energy and electricity prices if he is elected in the coming presidential election in November. Speaking at a rally in Asheville, North Carolina, on Aug. 14, Trump said he intends to issue an executive order on his first day back at the White House, instructing every cabinet secretary and agency head to "use every tool and authority at their disposal to defeat inflation and to bring consumer prices rapidly down." His remarks arrive in the wake of a report from the Bureau of Labor Statistics showing a rise in inflation last month, with the consumer price index up 2.9 percent from the past year. This also follows a three percent hike in June. Presenting the effect of inflation on ordinary Americans, Trump lamented the surging cost of groceries while citing bacon as an example. "The cost of bacon went up four and five times. Bacon, I don't order bacon anymore, it's too expensive," Trump said, stressing the importance of tackling inflation. Trump in a recent interview with X (formerly Twitter) owner Elon Musk mentioned that many Americans can no longer afford a full cart of groceries because of the soaring prices. (Related: Brussels tried but FAILED to stop Elon Musk's wildly popular interview with Donald Trump.) Grocery prices have seen significant increases in recent years – 6.3 percent in 2021, 10.4 percent in 2022 and 2.7 percent in 2023 – under the administration of President Joe Biden. "We'll do it very rapidly. It will be a whole-of-government effort to raise the standard of living and make American life affordable again," Trump told the crowd in Asheville.

Trump also vows to cut energy and electricity costs by half

Aside from dealing with inflation, Trump promised to cut energy and electricity costs by half within a year of taking office. "By contrast, I am announcing today that, under my leadership, the United States will commit to the ambitious goal of slashing energy and electricity prices by half – at least," Trump declared while predicting that energy bills could drop by as much as 50 to 70 percent under his administration. A recent report from S&P Global discovered that between 2018 and 2023, electricity costs in the U.S. grew by 21.9 percent. States like Maine, New Hampshire, Massachusetts, Connecticut and California have witnessed some of the biggest hikes, with Maine's soaring by 65.6 percent and New Hampshire's by 51.3 percent. According to Trump, his administration would take critical action to overturn these trends and generate energy more affordable for all Americans. "Every single thing that I promised, I produced. Every single thing," Trump said. As the presidential election nears, Trump's economic promises are likely to play a major role in his campaign as he positions himself as the candidate capable of reversing inflation and lessening the financial load on American homes. Follow Trump.news for more news about Trump's presidential campaign. Watch the video below about former President Donald Trump vowing to bring prices way down. This video is from the NewsClips channel on Brighteon.com.

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Donald Trump economy politics economics debt collapse elections White House big government finance power risk electricity money supply inflation bubble Vote Republican energy supply energy prices economic riot finance riot